June 1, 2016 / 11:37 AM / 2 years ago

BRIEF-Data Group retains Michael Sifton as CEO

June 1 (Reuters) - Data Group Ltd :

* Data group ltd. Announces the retention of Michael G. Sifton as CEO; changes to its board of directors; and completion of a common share private placement

* Sifton has re-joined board

* Data group ltd says has raised $2.35 million pursuant to its previously announced private placement of common shares

* Entered into a settlement, nomination and standstill agreement with kst and takhar

* Understands that kst currently owns approximately 15.54% of issued and outstanding common shares

* j.r kingsley ward has been appointed chair of board

* Harinder takhar has resigned as a director of data effective immediately

* Agreed to include an eligible designee of kst in its slate of nominees for election as directors of company

* Data group ltd says entered into subscription agreement with kst industries inc for purchase of 30.9 million common shares

* Co agreed it will not redeem any of outstanding 6% convertible unsecured subordinated debentures, other than for cash, prior to nov 30

* Data group ltd says upon completion of kst private placement, kst would own about 15.54% of issued and outstanding common shares Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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